Oil prices surged as the conflict involving Iran entered its second week, raising fears of major disruptions to global energy supplies.
Brent crude, the international oil benchmark, climbed toward $120 a barrel — its highest level since the early stages of the Russian invasion of Ukraine. The rally reflects mounting concerns that shipments through the Strait of Hormuz could be severely disrupted.
Oil had last traded above $100 a barrel shortly after Russia launched its invasion of Ukraine in 2022.
Donald Trump said the surge in energy prices was “a small price to pay” if it led to the dismantling of Iran’s nuclear programme, as crude broke above $100 for the first time in four years.
Stephen Innes of SPI Asset Management said the sudden spike had rattled markets.
“The market woke up to the sound every macro trader dreads — the oil alarm bell,” he said. “And this time it was not a polite chime. It was a fire siren.”
Brent crude was last trading about 17.4% higher at nearly $109 a barrel, while West Texas Intermediate rose 15.4% to around $105 a barrel.
